Prison and ballet an unlikely pairing in Coburg sale
The home of the Melbourne City Ballet, on the grounds of the old Pentridge Prison, will be on the block next week as part of the latest Burgess Rawson portfolio auctions.
The commercial space, which stands on the south-eastern corner of the former prison’s northern section, alongside what was once its ‘B Division’ building, will be auctioned in Melbourne on Wednesday, just months after the ballet company took up residency.
The company, which performs Australia-wide, signed a 10-year lease to 2025 for the two-level, 901sqm space on Pentridge Boulevard, with an option to extend to 2035.
Burgess Rawson agent Alex Shum says the site will benefit from a masterplan that is transforming the land in and around the old Pentridge site.
“It’s an area where there’s quite a well known masterplan. There’s plenty of growth potential, plans for up to about 19 levels on some developments, and between four and 12 levels on others,” Shum says.
“Not only do you get a secure 10-year lease, there’s all the surrounding growth and development that will make it much more development over time.”
The property is leased to the Melbourne Ballet Company for around $187,000 per annum, with a nearby government agency also leasing six car parking spaces as part of an arrangement that will net the building’s new owner around $7000 each year.
The building also neighbours the historic Boot Factory, now a cafe but once a space where prisoners manufactured boots for the prison guards.
“Right next door, a part of that same development is the Boot Factory Cafe,” Shum says.
“That’s got a heritage overlay on it and it’s got a pretty good following.”
Service stations will also feature heavily across two days of Burgess Rawson auctions in Sydney on Tuesday and Melbourne on Wednesday.
A pair of Shell-branded stations in Berry and Batlow, New South Wales, will be auctioned separately, while 7-Eleven fuel outlets in Cessnock, New South Wales, and Carrum Downs in Melbourne’s south-east will also be up for grabs.
Meanwhile a Dubbo childcare centre leased to Green Leaves Early learning is likely to be a big ticket item in Sydney, with its annual $370,000 rental return the most significant of any of the properties for sale.